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the role of commercial banking in the development of nigerian economy
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Commercial banks - NO. National banks - YES.
Mian Mohammad Nazeer has written: 'The development of commercial banking in the N.-W.F' -- subject(s): Banks and banking 'The rice economy of Pakistan' -- subject(s): Rice 'The scope of economic cooperation between Pakistan and Afghanistan' -- subject(s): Afghanistan, Commerce, Foreign economic relations, Pakistan
yes
Commercial Banks are of 2 kinds: Private and Nationalised Private Commercial banks are private sector banks like ICICI, Citibank, etc, which have no government stake in them. Nationalised Commercial banks are government owned commercial banks like SBI, Canara Bank, Punjab National Bank, etc. The government holds a large stake in these banks. NABARD and SIDBI fall under what are known as Development Banks. Development banks are those banks which mainly have 2 funcitons: One, to act as refinanciers, diverting funds through nationalised banks for development purposes and Two, to undertake development projects like training and supporting fledgling industries. A third category of banks are known as Cooperative banks. The DCCBs or District credit cooperative banks fall under this category. All the above mentioned banks are governed and regulated by the Reserve Bank of India.
Bangladesh has several types of banks, including state-owned commercial banks, private commercial banks, foreign commercial banks, and specialized development banks. State-owned banks are government-operated and focus on financing public projects, while private banks cater to individual and business needs. Foreign banks operate in Bangladesh to facilitate international trade and services. Specialized development banks provide financial support for specific sectors like agriculture and small industries.
In 1980, the Indian government nationalized 6 major commercial banks. This move was part of a broader effort to strengthen the control of the banking sector and ensure that financial resources were directed towards the development of the economy. The nationalization aimed to promote social welfare and extend banking services to underserved regions.
Commercial banks in Ethiopia play a crucial role in the country's economy by providing financial services such as savings and checking accounts, loans, and investment products. They facilitate trade and commerce by offering credit to businesses and supporting economic activities. Additionally, commercial banks contribute to financial inclusion by extending banking services to underserved populations and promoting savings and investment. Furthermore, they are instrumental in implementing monetary policy and mobilizing domestic savings for economic development.
The role of commercial banks in economic development is to ability to control the flow of investment capital through the market. This is accomplished through the lending processes which are closely monitored to determine the financial risks involved with lending to specific types of business entities.
Total number of private commercial banks is 36 including 8 Islamic commercial banks. And there are 9 foreign commercial banks in Bangladesh.